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Online Tests
Principles of Economics Icom Part 1 English Medium Online Test MCQs With Answers
Question # 1
Price discrimination policy refers to:
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Single price
Two prices
Multiple prices
None of these
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Question # 2
When supply curve shifts leftwards or up, it is called
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Rise of supply
Fall of supply
Extension of supply
Contraction of supply
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Question # 3
Balance of payment of a country is favourable when its
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Receipts are more than payments
Receipts are less than payments
Receipts are equal to payments
None of three
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Question # 4
One rupee note in paper money is
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Inconvertible paper money
Convertible paper money
Limited legal tender money
Unlimited legal tender money
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Question # 5
If total expenditure of the consumer decreases due to increase in price, then nature of elasticity of demand will be
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Equal to unity
Less than unity
More than unity
Elasticity of demand = zero
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Question # 6
Which factor can not be stored
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Land
Labour
Capital
Organization
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Question # 7
This paper notes which can be converted into gold, silver or foreign exchange are called
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Standard money
Unlimited legal tender money
Convertible paper money
Inconvertible paper money
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Question # 8
In case of international trade, trade restrictions are usually
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Limited
More
Too much
None of three
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Question # 9
Market equilibrium take place where:
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D = S
D > S
D < S
Both (b) and (c)
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Question # 10
One of the following is not assumption of law of diminishing marginal utility
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Same nature of the commodity
Consumption of the commodity with intervals
Suitable quantity of the commodity
No change in consumers mental condition
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Question # 11
Reward of Land is called.
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Rent
Wage
Interest
Profit
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Question # 12
Relationship between price and quantity demanded is called
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Demand schedule
Demand curve
Law of demand
Assumptions of law of demand
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Question # 13
National income is total of
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Incomes of all entrepreneurs of the country
Incomes of all industrialists of the country
Incomes of all salaried persons of the country
Incomes of all the people of the country
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Question # 14
Marginal productivity theory was presented by
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Adam Smith and Malthus
Marshall and J.B Clark
Robbins and Keyness
Pigou and Cannon
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Question # 15
Transfer payment means:
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Rent transfer
Wages transfer
Reward without services
Profit transfer
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Question # 16
"Principles of Economics" was written in:
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1776
1890
1932
1930
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